Unleashing Potential in Hong Kong's Financial Landscape

In a significant strategic move, a group of professors from Beijing has recently made waves in Hong Kong. On August 26, the Hong Kong Investment Corporation Limited (HKIC) teamed up with the Beijing Academy of Artificial Intelligence to host the inaugural "AI International Talent Summit," attracting over 350 leading experts and industry insiders in the field of artificial intelligence. This gathering highlights Hong Kong's ambition to become a major hub for technology and innovation.

Clara Chan: Leading the Charge in Venture Capital

Clara Chan, the CEO of HKIC, has emerged as a pivotal figure in Hong Kong's investment landscape as the corporation navigates its first year with a robust management portfolio of HK$62 billion. Under her guidance, HKIC has made remarkable strides, investing in over 120 projects, which have seen two companies successfully listed and more than ten others preparing for public offerings this year.

A Record of Rapid Growth and Innovation

With an impressive investment approach, HKIC has quickly established itself as one of the most active venture capital sources. In its very first investment, made in June 2024 in a company called Smarter AI, founded by prominent Professor Jia Jiaya, HKIC is now reaping benefits as the company prepares for an upcoming public listing—marking a milestone for both the investor and the startup.

Major Investments in Future Technologies

HKIC is strategically focusing on key sectors like hard technology, life sciences, and new energy. Among its investments are recognized names such as ByteBridge Biosciences and Galaxy Universal Technology. Chan noted, "The pace of our projects is astonishing—our investments have not only driven HK$5 in follow-up capital for every HK$1 invested but also accelerated the timeline for technological advances in critical industries like biotechnology."

Challenging the Norms: Rethinking Drug Development

Chan expressed particular enthusiasm for the advances in artificial intelligence within biotechnology, emphasizing a profound change in drug development. Traditional processes can take years, but AI has drastically reduced timelines, completing vital tasks in just months. This remarkable transformation underscores HKIC's commitment to fostering innovative approaches in life sciences.

Broadening Horizons Beyond Core Sectors

Beyond its current focus, HKIC is exploring new emerging fields—including fintech and aerospace—drawing on Hong Kong's unique advantages to nurture cutting-edge technologies. Chan highlighted a proactive approach, stating that the HKIC is not retreating amid market apprehension but viewing current pressures as an opportunity to invest for the future.

A New Era for Hong Kong's Economic Landscape

The establishment of HKIC has been hailed as a critical step in revitalizing Hong Kong's competitive edge, especially as critics warned of its declining status. Launched in October 2022 with an impressive initial fund size, HKIC has garnered attention as "Hong Kong's version of Temasek," aiming to attract notable innovation and tech enterprises to the region.

Building a Global Network for Innovation

This past year, Chan and her team have actively engaged with global startups and venture capital ventures, fostering a robust innovation ecosystem. Initiatives like the "Co-investment Partnership Program" with notable players such as BlueRun Ventures further signify HKIC's ambition to create a global network that nurtures tech entrepreneurs.

Forging Connections and Opportunities

As a facilitator of connectivity, HKIC has been instrumental in creating synergies between technology startups. For instance, a recent mission to Malaysia and Brunei saw multiple fledgling companies forging collaborative agreements in just three days. Chan stressed, "It’s not just about financial gains; we’re focused on enhancing the ecosystem's value."

A Paradigm Shift: The Rise of New Money

Hong Kong is undergoing a fundamental transformation as traditional industries give way to emerging sectors. With a commitment to liberalize and innovate, the government has introduced a HK$10 billion guidance fund aimed at fostering a burgeoning landscape in strategic industries such as AI and renewable energy. This proactive stance is attracting a wave of new startups and international investments.

The Future Beckons

As Clara Chan noted, "Old money is quietly retreating, and new money is on the rise." With unprecedented changes unfolding in Hong Kong, the influx of venture capital and the swift establishment of tech firms signal a bright future. The city is poised to become a critical player on the global tech stage, capturing the attention and imagination of investors worldwide.